The Crypto Daily – The Movers and Shakers 15/07/19

It’s a mixed start to the day. Bitcoin will be the crypto-barometer through the afternoon.
Bob Mason

Bitcoin joined the broader crypto market in the deep red on Sunday.

Bitcoin fell by 9.79% on Sunday. Following on from a 3.85% fall on Saturday, Bitcoin ended the day at $10,204.

The weekend sell-off left Bitcoin down by 11.15% for the week ending 14th July.

On the day, a bullish start to the day saw Bitcoin hit an early intraday high $11,400 before hitting reverse.

Falling well short of the first major resistance level at $11,808.33, Bitcoin slid to a late afternoon low $10,325.

Bitcoin fell through the 23.6% FIB of $11,275 and first major support level at $10,810.33. Holding above the second major support level at $10,308.67, Bitcoin recovered to $10,700 levels.

The recovery was short-lived, however, with Bitcoin sliding to a late intraday low $10,122. Bitcoin fell through the second major resistance level at $10,308.67 late in the day.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a sea of red across the crypto-board on the day.

Leading the way down was Bitcoin Cash ABC, which tumbled by 18.15%. Ethereum and Bitcoin Cash SV weren’t far behind with losses of 16.35% and 16.13% respectively.

Also seeing double digit losses were EOS (-13.02%), Litecoin (-11.34%) and Tron’s TRX (-10.32%).

On the day, Ripple’s XRP and Binance Coin had the most modest of losses. The pair ended the day down by 7.93% and by 9.36% respectively.

For the week ending 14th July, there were some heavy losses across the crypto majors. Bitcoin Cash SV (-35.62%), Bitcoin Cash ABC (-31.87%) and EOS (-30.96%) saw the heaviest losses in the week.

For the week, Binance Coin fared the best alongside Bitcoin, falling by 13.79% on the week.

Bitcoin’s dominance was back up to 65.8% levels at the time of writing supported by Bitcoin’s modest losses relative to the broader market.

Over the week, the total crypto market cap slid from a Wednesday high $356.89bn to a low $278.8bn on Sunday. At the time of writing, the total market cap stood at $280.10bn.

This Morning

At the time of writing, Bitcoin was up by 1.2% to $10,326.0. A bearish start to the day saw Bitcoin fall to an early morning low $9,880 before finding support.

Steering clear of the first major support level at $9,750.67 and 38.2% FIB of $9,734, Bitcoin struck a morning high $10,375.

Elsewhere, it was a mixed bag for the majors. Leading the way through the morning were EOS and Ripple’s XRP, which were up by 3 21% and 2.24% respectively.

Bitcoin Cash SV saw the heaviest losses early on, down by 6.79%.

For the Day Ahead

A move back through the morning high $10,375 to $10,600 levels would support a run at $11,000.

Bitcoin would need the support of the broader market, however, to take a run at the first major resistance level at $11,028.67.

Failure to move through to $10,600 levels could see Bitcoin test the first major support level at $9,750.67.

Barring another crypto meltdown, the first major support level and the 38.2% FIB of $9,734 should limit any downside on the day.

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